Trump Announces No Tariffs on Gold. Following a recent announcement of 50% tariffs on several countries including India and Brazil, this news comes as a relief to the market.
Gold Exempted from Tariff: US President Donald Trump has clarified that no tariffs will be imposed on gold. Uncertainty had risen regarding gold imports following the recent announcement of 50 percent tariffs on India, Brazil, and several other countries. This statement has now brought relief to the gold market.
Rumors Regarding Tariffs on Gold Put to Rest
The Trump administration had last week ordered a 50 percent tariff on several countries, including India and Brazil, over the issue of purchasing oil from Russia. This decision was taken keeping in mind America's trade and political interests. The US has a strict stance regarding energy deals with Russia, and the Trump administration wants to influence it through economic pressure.
Apprehension of Tariffs on Gold
Ever since the tariff order was issued, the question arose whether gold would also be included in this list. The Customs and Border Protection department had indicated that tariffs could be imposed on gold. This had led to an increase in gold prices in the international market. Traders in large consumer countries like India and Brazil also expressed apprehension about a further increase in prices.
Trump's Social Media Statement
Amidst these speculations, Trump wrote on the social media platform Truth Social that no tariffs will be imposed on gold. He did not provide any additional information, but this statement proved to be a relief for the gold market. Stability in gold prices is expected after this announcement.
